Mr. Laurent Ferreira reports

NATIONAL BANK ANNOUNCES CHANGES TO SENIOR LEADERSHIP TEAM

National Bank of Canada has made senior leadership appointments in line with the bank's strategic vision and accelerated growth in select markets, taking into account the context of the previously announced acquisition of Canadian Western Bank (CWB).

Michael Denham, executive vice-president, commercial and private banking 1859, has been appointed executive vice-president and vice-chair, effective March 1, 2025. In this new capacity, Mr. Denham will be responsible for leading the integration of CWB and providing counsel to the chief executive officer and senior leadership team on strategic decisions and business opportunities to enhance the bank's performance and competitive position. Mr. Denham will remain a member of the senior leadership team, reporting to Laurent Ferreira, president and chief executive officer.

Mr. Denham joined National Bank in 2021, having previously held the role of president and CEO of BDC (Business Development Bank of Canada). Under his leadership, the bank's commercial and private banking businesses have benefited from sustained momentum and growth across Canada.

Judith Menard, head of national accounts, Canada, and senior vice-president, commercial and private banking 1859, British Columbia, Prairies, Ontario and Atlantic Canada, will succeed Mr. Denham as executive vice-president, commercial and private banking 1859, effective March 1, 2025. Ms. Menard will join the senior leadership team, reporting to Mr. Ferreira.

Ms. Menard joined the bank in 1998 and has held a succession of leadership roles in wealth management, financial markets, personal and commercial banking, and in risk and compliance. In her new capacity, Ms. Menard will be responsible for developing strategic orientations, advancing the client experience, and overseeing all commercial and private banking products and services across Canada.

"I am pleased with these two nominations, which reflect our growth ambitions in Canada. Michael's leadership has been key in the integration of our commercial and private banking segments. His deep knowledge of the Canadian business landscape makes him exceptionally qualified for this role, as we prepare to bring together two complementary banks and capture the significant opportunities ahead across the country. Meanwhile, Judith's strategic vision, unifying leadership style and proven success in expanding the bank's commercial and private banking model beyond Quebec make her ideally suited to lead these segments across the country, which is core to our continued domestic growth," said Mr. Ferreira.

Dominic Paradis, senior vice-president, legal affairs and corporate secretary, has been promoted to the position of executive vice-president and general counsel, effective March 1, 2025, joining the senior leadership team and reporting directly to Mr. Ferreira. At the bank since 2003, Mr. Paradis has played a pivotal role in overseeing the bank's legal strategy and corporate governance.

"After years of close collaboration, I am pleased to welcome Dominic to the senior leadership team. In his elevated capacity, the team will further benefit from his skilled counsel and strategic insights, supported by his deep governance expertise and industry knowledge," added Mr. Ferreira.

In addition to the above senior leadership team appointments, the bank also announced executive changes.

After seven years of service at National Bank, Stephane Achard, executive vice-president, international and responsible for ABA Bank, will retire on April 30, 2025. During his tenure, Mr. Achard has successfully led the bank's commercial and private banking segments, notably strengthening the bank's position as a bank for entrepreneurs, prior to leading its international activities since 2023.

Upon Mr. Achard's retirement, William "Bill" Bonnell, strategic adviser to the CEO, will oversee the bank's international investment activities, namely ABA Bank. Mr. Bonnell joined the bank in 2001, bringing international experience and has held a succession of leadership roles.

"Stephane has made a lasting impact on National Bank and the broader business community with his engaging leadership and dedication to clients. I extend my gratitude for his contributions and wish him the very best in his well-deserved retirement. I also look forward to continuing to work closely with Bill and benefit from his deep knowledge and understanding of our international activities. Bill has worked closely with ABA Bank and its management team since our initial investment in 2014, and is well appreciated by our international partners," concluded Mr. Ferreira.

About National Bank of Canada

With $462-billion in assets as at Oct. 31, 2024, National Bank is one of Canada's six systemically important banks. The bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: personal and commercial banking, wealth management, and financial markets. A fourth segment, U.S. specialty finance and international, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange.